Speculations Surrounding Ripple Ruling and Higher Judicial Review
There are growing concerns surrounding the recent ruling in favor of Ripple against the US Securities and Exchange Commission (SEC) by Judge Analisa Torres. This speculation arises in light of a recent decision in the Coinbase vs. SEC lawsuit, where the SEC achieved a significant victory. The decision challenges the idea that digital assets can evade securities laws, a ruling that could have far-reaching implications for the entire crypto industry.
Gasparino’s Insights on Ripple Ruling
- Fox Business Senior Correspondent Charles Gasparino has highlighted increasing skepticism among federal judges towards Judge Torres’ ruling in favor of Ripple.
- Gasparino pointed out that two federal judges, including a renowned corporate-law judiciary figure, have criticized Judge Torres’ Ripple ruling for being incoherent.
- He emphasized the uncertainty surrounding the possibility of the ruling being overturned and XRP being categorized as an unregistered security.
Lack of Confidence in Judge Torres’ Analysis
- The legal community expressed similar doubts following Judge Katherine Polk Failla’s decision in the Coinbase vs. SEC case.
- Judge Failla’s ruling dismissed Judge Torres’ analysis, suggesting that digital asset transactions fall within the recognized securities laws framework.
- Judge Failla rejected Coinbase’s argument that Torres’ Ripple ruling supported its case for dismissal and instead cited other analyses that contested Torres’ approach.
Impact of SEC Chair Gary Gensler’s Position
- SEC Chair Gary Gensler’s strict stance on cryptocurrencies, including Ethereum, signals a formidable regulatory approach that could lead to a challenge of Judge Torres’ ruling.
- Gensler’s view on Ethereum as a security implies a strong push for overturning Torres’ Ripple ruling in the appellate division.
Responses from the XRP Community
The XRP community has not remained silent amidst the speculations and doubts surrounding the Ripple ruling. Individuals within the community have offered their perspectives and criticisms:
XRP Supporters’ Reactions
- Jesse Hynes, a lawyer and avid XRP supporter, criticized the narrative drawn from the Coinbase ruling, asserting that legal complexities are being oversimplified.
- Bill Morgan, another pro-XRP lawyer, directly challenged Gasparino’s interpretations and requested explicit references to support claims of judicial skepticism towards Judge Torres’ decision.
Current XRP Trading Situation
At the time of writing, XRP was trading at $0.61234.
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